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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2017 June Day 9 - Friday

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TMI Tax Updates - e-Newsletter
June 9, 2017

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws Insolvency & Bankruptcy Service Tax Central Excise CST, VAT & Sales Tax Indian Laws



Highlights / Catch Notes

  • Income Tax:

    Once the expenditure is accepted as “Revenue Expenditure”, then it is upto the assessee that whether to claim the expenditure in one year or to spread over the said expenditure as per the enduring benefit available with them - AT

  • Income Tax:

    Depreciation disallowed on non-compete fee - an agreement not to compete is purely personal - cannot be considered as the intellectual property right - no depreciation - AT

  • Income Tax:

    When the contention of the assessee that all the forward contracts were settled by way of actual delivery through dollars received on export receivables, the assessee cannot be allowed “mark to market” losses on such forward contract - AT

  • Income Tax:

    The consideration received by the assessee on sale of development right which was acquired under Development Control Regulations is not assessable for capital gain tax. - AT

  • Income Tax:

    Claim of deduction u/s 80P(2) - Since there is a certificate issued by the Registrar of Cooperative Societies, stating that the assessee is a primary agricultural credit society - exemption allowed - AT

  • Customs:

    Refund of SAD - no VAT was charged - NIL rate of VAT in terms of the notification issued under Rajasthan VAT Act 2003 is to be considered as appropriate sales tax/VAT - the condition prescribed in N/N. 102/2007 is satisfied - refund allowed - AT

  • Service Tax:

    Refund claim - service tax towards the GTA services - Notification No. 41/200 ST - the transport documents contained the details of export goods along with exporter’s invoice numbers and container number - these details can be connected with the shipment details - refund allowed - AT

  • Service Tax:

    Even if the appellants have paid or suffered tax liability by mistake, they cannot claim the refund thereof under Rule 5 of cenvat credit rules but, under other facilitating provisions in the law - refund rightly rejected. - AT

  • Service Tax:

    100% EOU - refund claim - export of such services to SEZ will necessarily have to be treated as deemed export and will be eligible for refund of accumulated credit under Rule 5 of CCR - AT

  • Central Excise:

    Manufacture - whether conversion of nonferrous metals into metal alloys would amount to manufacture in terms of the section 2(f) of the CEA 1944? - Held Yes - AT

  • Central Excise:

    CENVAT credit - job-work - The cylinders were sent to the job worker under Rule 4(5) of the CENVAT Credit Rules and the job worker paid the duty on reconditioned cylinders on the value of reconditioned cylinders. On receipt of the cylinders, the appellants availed CENVAT Credit of duty paid by the job worker - credit allowed - AT

  • Central Excise:

    CENVAT credit - steel structural items fabricated at site - when the classification is held to be under Chapter 84, the description of a product being support or a part loses relevance - AT

  • Central Excise:

    Liability of interest on reversal of cenvat credit - that there is no delay in payment of duty. The delay is in reversal of cenvat credit, therefore interest not liable - AT


Articles


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (6) TMI 349
  • 2017 (6) TMI 348
  • 2017 (6) TMI 353
  • 2017 (6) TMI 352
  • 2017 (6) TMI 351
  • 2017 (6) TMI 347
  • 2017 (6) TMI 346
  • 2017 (6) TMI 345
  • 2017 (6) TMI 344
  • 2017 (6) TMI 343
  • 2017 (6) TMI 342
  • 2017 (6) TMI 341
  • 2017 (6) TMI 350
  • 2017 (6) TMI 340
  • 2017 (6) TMI 339
  • 2017 (6) TMI 338
  • 2017 (6) TMI 337
  • 2017 (6) TMI 336
  • 2017 (6) TMI 335
  • 2017 (6) TMI 334
  • 2017 (6) TMI 333
  • 2017 (6) TMI 332
  • 2017 (6) TMI 331
  • 2017 (6) TMI 330
  • 2017 (6) TMI 329
  • Customs

  • 2017 (6) TMI 361
  • 2017 (6) TMI 360
  • 2017 (6) TMI 359
  • Corporate Laws

  • 2017 (6) TMI 355
  • Insolvency & Bankruptcy

  • 2017 (6) TMI 356
  • Service Tax

  • 2017 (6) TMI 381
  • 2017 (6) TMI 380
  • 2017 (6) TMI 379
  • 2017 (6) TMI 378
  • 2017 (6) TMI 377
  • 2017 (6) TMI 376
  • 2017 (6) TMI 364
  • 2017 (6) TMI 375
  • Central Excise

  • 2017 (6) TMI 374
  • 2017 (6) TMI 373
  • 2017 (6) TMI 372
  • 2017 (6) TMI 371
  • 2017 (6) TMI 370
  • 2017 (6) TMI 369
  • 2017 (6) TMI 368
  • 2017 (6) TMI 367
  • 2017 (6) TMI 366
  • 2017 (6) TMI 365
  • 2017 (6) TMI 363
  • 2017 (6) TMI 362
  • CST, VAT & Sales Tax

  • 2017 (6) TMI 358
  • 2017 (6) TMI 357
  • Indian Laws

  • 2017 (6) TMI 354
 

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